New Leaders Keep the Bull Market Charging

Investors have stopped playing defense and are now pushing technology, cyclicals and energy stocks higher, a positive sign for the market.

Last month, I made the case that traditionally defensive sectors, such as consumer staples, were keeping the market afloat while economically sensitive stocks were not doing well (see Getting Technical, "Danger Sign: Economically Sensitive Stocks Are Wilting," April 22). However, over the past few weeks, things have changed. Technology and cyclicals have taken the lead, and even financials and energy are doing their share. Health care and other defensive sectors are lagging.